I think the big three are critical for developing the coordination to continue exercising with less injuries. The compound movements really test your ancillaries and help gain an incredible amount of strength starting out. But like many pro bodybuilders theory, the compound movements don't work as well for contracting the entire muscle you are targeting. I think it really depends on what your goals are for training, dieting, and performance. The heavy compounds during a contest prep when you dry out and lose the extra fluids can be harmful for joints and tendons/ligaments.
For strength and athletic performance I think there is no way around it. For pure aesthetics and body building you could absolutely ditch traditional compound movements and look great. If you're like most people on this forum who want to be big and strong and look good, I think using them is the right answer.
I trained heavy focusing on the big 3 for years and saw incredible strength gains and muscular gains. But when I switched to a DogCrapp style training, the muscularity was much better for myself.
But at 202 lbs, I was stronger in all 3 lifts then I am now at 220. I train differently and don't worry about my lifts (not as much as I use to!).
69 in @ 202 lbs - 20 Y/O
BP 435
SQT 535
DL 535
69 in @ 220 lbs - 25 Y/O
BP 415
SQT 505
DL 495